Duke Realty forms JV with CBRE Global Investors
Duke Realty Corp. has formed a joint venture with CBRE Global Investors.
The venture will be 80 percent owned by a fund sponsored by CBRE Global Investors and 20 percent by Duke Realty. The venture plans to place secured debt financing on the assets in an amount approximating 50 percent to 60 percent loan-to-value.
Overall Duke Realty plans to contribute seven (seven) facilities totaling 4.8 million square feet and two trailer storage lots totaling 25 acres to the Venture that will close in three tranches. As part of the formation, today the partners closed on the first tranche of two facilities totaling 1.3 million square feet and one (1) trailer lot totaling 17.2 acres, at an agreed upon value of $157 million. These assets are located in Atlanta and Chicago. The second tranche consists of two facilities and one trailer lot in Baltimore and is expected to close later in the third quarter. The third tranche consists of three facilities located in Pennsylvania, Seattle